Violas asked the court to suspend the general meeting of BPI – publico

 
         

                 

                         
                     

                 

 
 

Violas Ferreira Financial, which has about 2.7% of BPI’s capital and has opposed the purchase of the bank by the Spanish Caixabank, filed an injunction in requesting the suspension of the general meeting of Portuguese bank, which was elected in July.

on July 22, the first of the two general meetings scheduled for the morning of that day, the shareholders elected a new board, chaired by Osório de Castro . “Banco BPI however noted have been requested by the shareholder Violas Ferreira Financial, S.A. (VFF) an injunction to suspend the corporate decision,” said the bank in a statement issued on Tuesday. “Banco BPI filed last August 22 its opposition, holding not come from the alleged by VFF and defending therefore the non enactment of the requested injunction. Banco BPI is now awaiting the decision of the court ruling on the requested injunction and inform the market as soon as this decision is taken, “the statement added.

Violas Ferreira Financial has tried to avoid deshielded the statutes the bank, a decision that would end the current vote count limit, which determines that a shareholder can not be more than 20% of votes, regardless of participation that has the capital. The deshielded is a condition considered essential by Caixabank (currently the largest shareholder, with around 45% of the capital) to proceed with a tender offer.

One Spanish bank has had a dispute with the second largest BPI shareholder, Santoro Finance, the entrepreneur Angola Isabel dos Santos (which has about 19% of the capital and therefore practically the same votes), to find a setting that reduces the exposure of BPI to Angolan market, a levy of European Central Bank.

Santoro Finance opposes deshielded, as with Banco BIC, which has 2.3% stake in BPI and Isabel dos Santos is the largest shareholder. Allianz, with 8.4% of the shares of BPI, is in favor of deshielded.

On July 22, a second general meeting to vote on the change of BPI’s statutes proposed by council administration, was eventually suspended for 45 days after the Violas Ferreira has informed that had advanced with an injunction to not be appreciated and voted on that proposal. On this measure, the bank said in a statement Tuesday that “we have also filed their opposition, being, in this case, pending the court’s decision.” Shareholders shall meet again on 6 September.